With a Fintech startup there are several hurdles and difficulties to overcome - the space is one of the last to benefit from new tech, and is the victim of tougher regulatory environment. A startup is aiming to compete with or completely replace incumbent financial services providers by offering a superior experience or simply more efficient solutions to an existing pain point or problem. Marketplaces are evolving also - we are now entering the 2-sided marketplace economy with heavy hitters AirBnB, Lyft, and Uber incorporating financial services to enable different types of transactions to support the two businesses they are building at the same time. This puts Fintech everywhere and that sparks innovation. So what are these additional needs? Access to data- First and foremost a Fintech startup needs data access that includes breadth, depth, accuracy and quality. Business acceleration- The Fintech space is filled with accelerators and incubators, but getting into the right one is critical because these networks accelerate businesses but can also cost you equity. Find one with high value, an esteemed ecosystem and reputation along with a low equity stake.
Roostify CEO & Co-Founder, Rajesh Bhat, said “The Envestnet | Yodlee Incubator really helped us get our pitch down. They helped us get ready with our product. They did a great job through the network they developed in this incubator program.”
Security and scalability- If you are handling data of any sort then you need vendors with high caliber of regular security audits. The Rules and Compliance - With regulators giving extra scrutiny to new technologies, Fintechs need to be extra careful they are compliant with regulations new and old in the market they plan to operate in. Access to critical functions- To help with development swiftness, Fintechs need ready to go, linking, verifying, funding & onboarding with ease. User interface (UI)/front end excellence - Flexible delivery of application program interface (API), APPs and customization, use case specific technologies, conversational interfaces is critical to adoption & engagement by end users. Use case support- find deep domain knowledge particularly if building in
Development help- You may need development help as you scale and get into complex Fintech areas. It pays to find developers who have been in these circumstances or handled data of this nature before. Funding and Investors- It is a very connected investor space and having relationships and guidance here is critical, especially since a Fintech startup needs to raise more capital. https://mostbet-games.net/es_cl/Market Validation MVP feedback- gaining validation from industry leaders is very important. This tight community is very connected and influential and getting feedback and help with market validation is critical to better funding. Bank relationships (in some cases)- banks still play a large role and partnerships with financial institutions (FIs) to help ensure stable and accurate access to key audiences. Finding vendors & partners who are nurturing a vast ecosystem can be an enormous benefit to you as you grow, add team members, establish partnerships and channels and work with tougher customer requirements.
